GOLD technical picture & Outlook for October 8, 2014

Gold has found strong support and rebounded from $1.183 in the last couple of days. This price level was the 2013 double bottom. What matters most now is to see how big this technical bounce can be, given the heavy selling Gold has seen since July. A daily close below $1.200 will deteriorate the technical picture again.

Gold, weekly chart:

Gold(Weekly)20141008

Chart courtesy of Investing.com. http://investing.com

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